CCI Approves Merger of Girnar Group and RenewBuy Entities into Artivatic Data Labs, Creating Major Insurtech Player

The Competition Commission of India (CCI) has given its approval for the merger of four entities owned by the Girnar Group and RenewBuy into Artivatic Data Labs, an artificial intelligence (AI) focused insurtech startup. Artivatic Data Labs, acquired by RenewBuy in 2022, will be the parent entity for the merged operations.

The entities merging into Artivatic Data Labs include Girnar Finserv, Girnar Insurance Brokers, D2C Consulting Services, and RB Info Services. Girnar Finserv and Girnar Insurance Brokers, subsidiaries of Girnar Software Pvt Ltd, are involved in marketing and insurance distribution. Girnar Insurance Brokers operates InsuranceDekho, a comprehensive insurance platform holding a composite broking licence from the IRDAI. D2C Consulting Services and RB Info Services collectively support RenewBuy's distribution of insurance and financial products through a wide network of digital advisors.

The consolidated entity will leverage Artivatic Data Labs' AI capabilities to provide advanced underwriting and claims automation solutions via API-based and SaaS models. This merger effectively places InsuranceDekho and RenewBuy under one management structure, aiming to establish one of India's largest technology-driven insurance marketplaces. Industry estimates suggest the combined entity could achieve a valuation of around $1 billion, with InsuranceDekho valued over INR 5,000 Cr and RenewBuy around INR 3,000 Cr. InsuranceDekho recently raised $70 million, but it reported a net loss of INR 47.5 Cr in FY25, despite a significant 73.5% rise in operating revenue.

Impact: This merger signifies a strategic consolidation in the Indian insurtech sector, potentially leading to greater market share, operational efficiencies, and enhanced product offerings. The creation of a large, integrated player could reshape the competitive landscape, driving innovation and customer service improvements. However, the reported losses by one of the key brands might present integration challenges. Impact Rating: 7/10

Heading: Definitions * **Insurtech**: A combination of "insurance" and "technology." It refers to technology and innovation that aim to improve and automate the delivery and management of insurance. * **AI-native**: A company or platform designed and built from its inception using artificial intelligence as a core component of its operations and services. * **Underwriting**: The process by which an insurance company assesses the risk of insuring a particular person or asset and decides whether to offer coverage and at what premium. * **SaaS (Software as a Service)**: A software distribution model where a third-party provider hosts applications and makes them available to customers over the Internet. * **API-based (Application Programming Interface)**: Refers to software systems designed to interact with other software systems through predefined methods, allowing seamless integration and data exchange. * **Composite Broking Licence**: A license granted by regulatory authorities that allows an entity to act as an intermediary for selling various types of insurance policies (e.g., life, health, motor, property). * **IRDAI (Insurance Regulatory and Development Authority of India)**: The statutory body responsible for regulating and promoting the insurance sector in India.